As far as best value for me is concerned, it goes to PS3 hands down. I have never felt so fullfilled at spending that much money.
Built in Blu Ray Player which I believe still go for like 400 now

Backwards Compatibility(my version at least) so I can still enjoy the entire PS line of games which is the largest by far.

Stable Hardware(*cough*360*cough*) that wont break on me every five seconds.

Potential to last the longest out of the big three with future proof hardware.

Constantly evolving to make games bigger better and more efficient on the system.

And the fact that the hardware is WAY more exspensive than what they charge is a BIG plus.

It doesnt get better than that..

PS3>360>Wii

PS3 has a Blu Ray player in it. If you want to talk about value for your buck then I think that would still justify a purchase years down the road.

Best value IF you want to buy blu-ray movies is the PS3
Best value IF you are a hardcore gamer is the 360
Best value IF you prefer interactive games is the Wii

so they all have different values.

If the Arcade becomes 199$, it will have the most value overall.

I own all three consoles and consider myself a pretty hardcore gamer but I still spend more time playing Playstation 3.

PS3 fo' sure

A easy one!! The Wii by far

The PS3 is the best value for me. Games, free online, blu-ray, built in wifi, built in HDD, able to download/rent movies and tv shows, web browser (not very good, but at least I was able to go online when my laptop was busted), etc. Also the PSN games are awesome and innovative. This proves that you don't need a wiimote to innovate. The Wii, on the other hand, is the worst value for me. Not enough games interest me. Only about 3 games. The multimedia features aren't great compared to the PS360. Playing online isn't that great.

PS3>DS>PSP>Wii>360. For me anyway...

overall:

ps2 by far

current gen:

x360>ps3>wii

(assuming the arcade becomes $199)

Xbox 360. It has the biggest library of games, movies, and tv shows. Netflix will also be available in the fall and you can also use it as a media extender for WMC.